Funding arb · Price arb /

ENA

all ENA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.007%

Price spread now: Phoenix against Phemex−0.249%73s7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$680.684% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 4 days (all we have)−0.292%−$29 · spread now −0.249%, 7d avg +0.060%

Together, before fees−0.169%−$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.309% cheaper against Phemex than usual: you would sell low and buy high (spread −0.249% now, against its 7-day average of +0.060%). If the spread goes back, that is −$31 on $10k: about 3 months of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.123% in total) that is about 18 days. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ENAUSDT	0.2089	0.0100	pay 0.0050% / 4h	1h 06m	$1.8M	$9.1M	50x
Short	Phoenix ENA	0.2084	0.0113	get 0.0014% / 1h	6m 03s	$13K	$278K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee PhoenixbpOrdersPrice spread, now −0.249%Rate

Funding earned: $2.77
Price spread: −0.249% → +0.060%: −$30.87
Slippage, 4 orders: −$49.38
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$96.48
Costs to cover: 0.684%
Break-even: 250.5 days

Slippage from Phemex: live order book, 6 min ago; Phoenix: live order book, 38 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 6 min ago	7.21 bp	15.5 bp −$15	61.9 bp −$619	doesn't fit	doesn't fit
Sell Phoenix live order book, 38 min ago	1.91 bp	16.6 bp −$17	51.6 bp −$516	doesn't fit	doesn't fit

ENA on 42 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ENA_USDC	−0.0181%	4h	0.2087	−0.077%	$43K	$16K	10x	as long as short
01 Exchange ENAUSD	−0.0176%	1h	0.2091	+0.081%	$4K	$60	10x	as long as short
Kraken Futures PF_ENAUSD	−0.0134%	1h	0.2088	−0.057%	$2.6M	$3.0M	50x	as long as short
Deribit ENA_USDC-PERPETUAL	0.0000%	1h	0.2089	−0.019%	$53K	$1.1M	50x	as long as short
gTrade (Gains Network) ENA/USD	L +0.0004% / S −0.0004%	1h	0.2087	−0.104%	$81K	—	150x	as long as short
Bitget ENAUSDT	+0.0014%	4h	0.2086	−0.163%	$47.5M	$55.5M	75x	as long as short
Injective ENA/USDC PERP	+0.0033%	1h	0.2122	+1.575%	$734	$57K	5.5x	as long as short
Lighter ENA	+0.0096%	1h	0.2089	+0.005%	$5.0M	$13.2M	10x	as long as short
Popdex ENAUSDT	+0.0096%	1h	0.2089	0.000%	$55K	$386K	50x	as long as short
Paradex ENA-USD-PERP	+0.0100%	8h	0.2087	−0.111%	$47K	—	10x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ENA-PERP	+0.0100%	1h	0.2087	−0.074%	$539K	$1.7M	10x	as long as short
Hyperliquid ENA	+0.0100%	1h	0.2088	−0.053%	$112.0M	$74.1M	10x	as long as short
Aster ENAUSDT	+0.0100%	4h	0.2088	−0.049%	$1.3M	$3.3M	50x	as long as short
Pacifica ENA	+0.0100%	1h	0.2088	−0.056%	$379K	$497K	10x	as long as short
Binance ENAUSDT	+0.0100%	4h	0.2087	−0.113%	$124.4M	$402.4M	75x	as long as short
Bybit ENAUSDT	+0.0100%	4h	0.2086	−0.129%	$83.8M	$183.0M	50x	as long as short
OKX ENA-USDT-SWAP	+0.0100%	4h	0.2087	−0.120%	$20.5M	$97.5M	50x	as long as short
Ondo Perps ENA-USD.P	+0.0100%	1h	0.2081	−0.369%	$32K	$314K	5x	as long as short
Arcus ENA-USD	+0.0100%	1h	0.2090	+0.048%	$77K	$219K	10x	as long as short
Bulk ENA-USD	+0.0100%	1h	0.2070	−0.910%	$101K	$11K	10x	as long as short
Gate ENA_USDT	+0.0100%	4h	0.2087	−0.081%	$14.0M	$27.7M	50x	as long as short
MEXC ENA_USDT	+0.0100%	4h	0.2088	−0.034%	$43.2M	$42.2M	200x	as long as short
KuCoin ENAUSDTM	+0.0100%	4h	0.2089	+0.024%	$24.8M	$14.6M	75x	as long as short
BingX ENA-USDC	+0.0100%	4h	0.2087	−0.120%	—	$6.5M	—	as long as short
Backpack ENA_USDC_PERP	+0.0100%	1h	0.2088	−0.067%	$404K	$468K	5x	as long as short
Variational Omni ENA	+0.0100%	4h	0.2078	−0.521%	$2.8M	$7.7M	—	as long as short
edgeX ENAUSDC	+0.0100%	4h	0.2082	−0.315%	$239K	$6.6M	20x	as long as short
GRVT ENA_USDT_Perp	+0.0100%	4h	0.2084	−0.240%	$353K	$4.2M	10x	as long as short
ApeX Omni ENAUSDT	+0.0100%	1h	0.2084	−0.239%	$18K	$652K	50x	as long as short
Polymarket Perps ENA-USD	+0.0100%	1h	0.2089	−0.005%	$116K	$2.6M	10x	as long as short
SunX ENA-USDT	+0.0100%	4h	0.2039	−2.374%	$943	$929K	20x	as long as short
SoDEX ENA-USD	+0.0100%	1h	0.2088	−0.048%	$6K	$5K	10x	as long as short
HTX ENA-USDT	+0.0100%	4h	0.2091	+0.105%	$269K	$769K	50x	as long as short
Phemex ENAUSDTlong	+0.0100%	4h	0.2089	long leg	$1.8M	$9.1M	50x
Extended ENA-USD	+0.0104%	1h	0.2086	−0.159%	$1.6M	$4.5M	50x	as long as short
Aevo ENA-PERP	+0.0104%	1h	0.2088	−0.037%	$73K	$4K	3x	as long as short
Phoenix ENAshort	+0.0113%	1h	0.2084	−0.249%	$13K	$278K	10x
GMX ENA/USD [ETH-USDC]	L +0.0304% / S −0.0754%	1h	0.2089	+0.022%	$57K	—	100x	as long as short
BloFin ENA-USDT	+0.0340%	4h	0.2087	−0.096%	$5.4M	$3.4M	75x	as long as short
Reya ENARUSDPERP	+0.0411%	1h	0.2089	−0.017%	$1K	—	15x	as long as short
Coinbase International ENA-PERP-INTX	+0.0480%	1h	0.2091	+0.086%	$766K	$1.8M	50x	as long as short
dYdX ENA-USD	+0.0912%	1h	0.2087	−0.086%	$138K	$16K	5x	as long as short